Brazil Motorways and Railroads: Takeaways From 18th Brazil Equities Conference (Transport Infrastructure)

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Brazil Motorways and Railroads: Takeaways From 18th Brazil Equities Conference (Transport Infrastructure)

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18 Jun 2026 07:16:36 ET │ 9 pages

Brazil Motorways and Railroads

Takeaways From 18th Brazil Equities Conference (Transport

Infrastructure)

CITI’S TAKE

On June 16th and 17th we hosted our 18th Brazil Equities

Conference. Among toll-road operators, discussions were mostly focused

on capex execution and potential opportunities within companies’

portfolios. Both Motiva and Ecorodovias reassured investors that capex Filipe NielsenAC

execution is a key strategic pillar, reiterating stability in capex backlogs +55-11-4009-5213

and demonstrating efforts to manage risks related to input costs. Motiva filipe.nielsen@citi.com

provided a wide range of opportunities to amend contracts at good

returns, while demonstrating discipline with capital structure and

planning. Ecorodovias, on the other hand, is mostly focused on executing

their current obligations as the Imigrantes discussion could take longer to

mature. On the railway side, conversations demonstrated investors’

concerns regarding freight tariffs, with the company reiterating a volume-

driven strategy while risks related to corn crop failures and El Niño effects

still drive a negative sentiment about 2H exports. More details are in the

note.

Motiva:

Most of the discussion was focused on contract amendments and new projects, to

which the company demonstrated optimism about timing and value creation from

those opportunities. Management’s focus for capital allocation seems to be on

contract amendments, where they see the best marginal return. With close to R$20B

of mapped opportunities outstanding, management sees as likely that some

amendments are already signed in the coming months (such as SPVias and Lines 5-